Oil & Natural Gas Corporation Ltd.

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Large Cap | Oil Exploration
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ONGC to acquire government’s 51.1% stake in HPCL in November-December

Date: 26-09-2017

Oil and Natural Gas Corporation (ONGC) will acquire the government’s 51.11% stake in Hindustan Petroleum Corporation (HPCL) through a bulk or block deal sometime in November or December at the prevailing market price. ONGC has appointed SBI Caps and the Citi Group as its merchant bankers for the deal and Shardul Amarchand Mangaldas as legal advisor.

While the government is keen that the deal, which would fetch it over Rs 33,000 crore at the current market price, is done in October, ONGC wants time to raise the money required for the acquisition.

ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.